Nigeria's GDP grew by 3.46% in Q3 2024, driven by Agriculture, ICT, Trade, and Manufacturing, signalling progress toward economic stability and growth.
President Bola Tinubu has lauded the recently announced Gross Domestic Product (GDP) growth of 3.46% for Q3 2024, as reported by the National Bureau of Statistics (NBS). This marks an improvement over the 3.19% recorded in Q2, indicating the economy is gaining momentum despite recent reforms' challenges.
President Tinubu, reaffirming his vision for a $1 trillion economy by 2030, expressed optimism about the country’s trajectory, promising transformative growth and a better standard of living for Nigerians.
Sectors Driving the Growth
The growth in the third quarter was driven by key sectors that contribute significantly to the economy, including:
- Agriculture (28.65%)
- ICT (16.35%)
- Trade (14.78%)
- Manufacturing (8.21%)
- Crude Oil (5.57%)
- Finance & Insurance (5.51%)
- Real Estate (5.43%)
This sectoral performance reveals Nigeria's economy's resilience and diversification. President Tinubu emphasized that the ongoing reforms aim to harness these sectors' potential for sustained growth and shared prosperity.
Economic Reforms Bearing Fruit
The administration’s reforms, which focus on better fiscal management, tax restructuring, and creating an equitable economic framework, are beginning to yield results. A notable initiative is the proposed tax reform, which aims to reduce the tax burden on small businesses and ensure fairer revenue distribution across states. This reform addresses the “headquarters effect,” promoting equitable benefits for all regions and demographics.
While the improved GDP growth is a positive indicator, President Tinubu acknowledged the need for more work to translate these gains into tangible benefits for the average Nigerian. "We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard," the President assured.
Conclusion
The Q3 GDP growth signifies progress in Nigeria’s economic recovery journey. With the government’s continued focus on inclusive growth, fiscal equity, and reforms, Nigerians can look forward to a future of shared prosperity and improved standards of living.
What are your thoughts on the Q3 GDP growth and the government’s economic reforms? Do you see these initiatives impacting your daily life and business? Share your insights, and let’s discuss in the comments below!